Senate Proceeding on Apr 4th, 2008 :: 0:45:25 to 0:48:49
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0:43:59 to 0:45:25( Edit History Discussion )
Speech By: Christopher Dodd

0:45:16 to 0:45:25( Edit History Discussion )

Christopher Dodd: number of foreclosures in the country, is why i ask consent that we set aside the pending amendment and i call up amendment 4423.~ the presiding officer: without objection, the clerk will report

0:45:25 to 0:45:46( Edit History Discussion )

Bill Nelson: report. the clerk: mr. nelson proposes amendment numbered 4423. to amendment number 4387. mr. nelson: i ask that the amendment be considered as readon. the presiding officer: without objection.

0:45:25 to 0:48:49( Edit History Discussion )
Speech By: Bill Nelson

0:45:46 to 0:46:00( Edit History Discussion )

Bill Nelson: mr. nelson: mr. president, under current law, you can in invade your rerement fund, the 401(k) fund, in order to purchase a home without paying the 10 % penalty. what this amendment is is if homeownership

0:46:00 to 0:46:18( Edit History Discussion )

Bill Nelson: and keeping someone in their home is a valued value in america and they're about to have that home taken away because of this foreclosure crisis, then it seems to me that we would want to amend the law

0:46:18 to 0:46:36( Edit History Discussion )

Bill Nelson: to l allow them to take money out of their retirement fund in order so that they can forestall the foreclosure and staycl in their home. that's what this amendment does. it allows someone to withdraw up

0:46:36 to 0:46:52( Edit History Discussion )

Bill Nelson: to $25,000 from their retirement r fund, without paying the 10% penalty, and that has to be use ed for the purpose of foreclosure prevention purposes, and that's like paying onay the principal

0:46:52 to 0:47:04( Edit History Discussion )

Bill Nelson: or interest payments; that's like refinancing or a mortgage modification. and to make surean that people don't abuse this, we're limiting it for a two-year period, and we're additionally going to say,

0:47:04 to 0:47:23( Edit History Discussion )

Bill Nelson: thee money that you t bring out to help you so you don't go into foreclosure, if you put that money back into your retirement fund within three years,rs you're not going to have to pay the income

0:47:23 to 0:47:32( Edit History Discussion )

Bill Nelson: tax on it i. so it is a direct-tailored amendment to tryry to help people do what the underlying bill is, which is to prevent foreclosures foreclosures. i'm joined by my colleague from minnesota , who wanted

0:47:32 to 0:47:47( Edit History Discussion )

Bill Nelson: wants to speak on this amendment. mr. coleman: mr. president? the presiding officer: the senator from minnesota. mr. coleman: mr. president, i rise to join my colleague from minnesota to speak on

0:47:47 to 0:47:56( Edit History Discussion )

Bill Nelson: behalf of our amendment, numouber 4423. i want to start by thanking, first, the chair of the banking committee, senator dodd, and senator shelby for bringing to us this point. people are lyses ing losing

0:47:56 to 0:48:08( Edit History Discussion )

Bill Nelson: their homes. we all heard it when we went back over easter break. so for senator dodd and senator shelby to come together in a bipartisan bands to give us this opportunity to do what this senate should

0:48:08 to 0:48:16( Edit History Discussion )

Bill Nelson: be doing, i express my deep appreciation. also to senators baucus, the chairman of the finance committee, and senator grassley, the ranking memberrer for work working with us on this amendment. it

0:48:16 to 0:48:32( Edit History Discussion )

Bill Nelson: is one of those things that goes to the heart of what we're trying to do today. mr. president, i do ask unanimous consent for senator martinez to be added as a cosponsor of this amendment. the presiding

0:48:32 to 0:48:49( Edit History Discussion )

Bill Nelson: officer: without objection. mr. coleman: mr. presidentsi, during my travels back home, housing forums over the course of the last year, we are all melt meeting more and more folks who are in des

0:48:49 to 0:49:03( Edit History Discussion )

Norm Coleman: desperate straits. minnesota is ranked number two in the number of subprime foreclosures. who would have thunk? but that's the reality across the country. i was in a forum in st. cloud earlier in the

0:48:49 to 0:53:57( Edit History Discussion )
Speech By: Norm Coleman